# Contemporary vs. 5-Year Lagged Demographics

| Variable | capital_intensity: Z_t | capital_intensity: Z_t-5 | capital_intensity: Age_t | capital_intensity: Age_t-5 | labor_productivity: Z_t | labor_productivity: Z_t-5 | labor_productivity: Age_t | labor_productivity: Age_t-5 | capital_per_worker: Z_t | capital_per_worker: Z_t-5 | capital_per_worker: Age_t | capital_per_worker: Age_t-5 |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | 32.3043*** | | | | 8074.7470 | | | | 0.0957** | | | |
| | (12.2434) | | | | (5918.7870) | | | | (0.0451) | | | |
| Z_2 | -3.7210** | | | | 337.9484 | | | | -0.0058 | | | |
| | (1.8303) | | | | (883.1289) | | | | (0.0069) | | | |
| Z_3 | 0.1193 | | | | -21.8212 | | | | 0.0002 | | | |
| | (0.0743) | | | | (36.3689) | | | | (0.0003) | | | |
| fiscal_bal_gdp | -0.0532*** | -0.0528*** | -0.0537*** | -0.0529*** | 60.8302*** | 65.3763*** | 64.9659*** | 65.6327*** | -0.0001*** | -0.0001*** | -0.0001*** | -0.0001*** |
| | (0.0173) | (0.0173) | (0.0173) | (0.0173) | (5.2360) | (5.3356) | (5.1480) | (5.1535) | (0.0000) | (0.0000) | (0.0000) | (0.0000) |
| nfa_gdp_lag | 0.1801 | 0.1721 | 0.1718 | 0.1688 | 121.3848** | 154.7359*** | 132.4257** | 141.9038*** | -0.0007* | -0.0005 | -0.0006 | -0.0006 |
| | (0.1578) | (0.1579) | (0.1574) | (0.1576) | (54.4101) | (55.6104) | (53.6165) | (53.6719) | (0.0004) | (0.0004) | (0.0004) | (0.0004) |
| rgdp_growth | 0.0778*** | 0.0762*** | 0.0777*** | 0.0764*** | 59.3720*** | 60.9281*** | 61.1574*** | 59.7848*** | -0.0001** | -0.0001** | -0.0000* | -0.0000** |
| | (0.0097) | (0.0097) | (0.0097) | (0.0097) | (2.7908) | (2.8495) | (2.7500) | (2.7483) | (0.0000) | (0.0000) | (0.0000) | (0.0000) |
| kaopen | -0.1114 | -0.0444 | -0.0692 | -0.0567 | 228.6801*** | 208.8065*** | 169.1236*** | 158.7173** | 0.0018*** | 0.0019*** | 0.0011*** | 0.0010** |
| | (0.1630) | (0.1611) | (0.1623) | (0.1626) | (63.3162) | (64.8360) | (62.4977) | (62.6519) | (0.0004) | (0.0004) | (0.0004) | (0.0004) |
| Z_1_lag5 | | 34.9413*** | | | | 16629.7408** | | | | -0.0299 | | |
| | | (12.5193) | | | | (6654.4244) | | | | (0.0471) | | |
| Z_2_lag5 | | -4.1960** | | | | -1090.4848 | | | | 0.0082 | | |
| | | (1.9110) | | | | (1018.2591) | | | | (0.0074) | | |
| Z_3_lag5 | | 0.1384* | | | | 30.4964 | | | | -0.0004 | | |
| | | (0.0787) | | | | (42.5525) | | | | (0.0003) | | |
| old_dep | | | -23.0237*** | | | | 92507.7753*** | | | | 0.7523*** | |
| | | | (5.5917) | | | | (4772.0482) | | | | (0.0356) | |
| youth_dep | | | -12.2480*** | | | | -18541.8786*** | | | | -0.1160*** | |
| | | | (2.0373) | | | | (1481.3967) | | | | (0.0098) | |
| old_dep_lag5 | | | | -27.0251*** | | | | 106069.2459*** | | | | 0.7786*** |
| | | | | (6.2881) | | | | (5435.6705) | | | | (0.0415) |
| youth_dep_lag5 | | | | -11.8906*** | | | | -17143.4512*** | | | | -0.1372*** |
| | | | | (2.0086) | | | | (1448.8672) | | | | (0.0096) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 4671 | 4671 | 4671 | 4671 | 5074 | 5074 | 5074 | 5074 | 4509 | 4509 | 4509 | 4509 |
| R² | 0.0872 | 0.0835 | 0.0864 | 0.0813 | 0.4481 | 0.4027 | 0.3986 | 0.3951 | 0.4066 | 0.1297 | 0.3961 | 0.4084 |
| Countries | 159 | 159 | 159 | 159 | 171 | 171 | 171 | 171 | 163 | 163 | 163 | 163 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*